Extended grain agreement with Ukraine; what does this mean for the market?
Ukraine
Published Nov 22, 2022
Tridge summary
Recently, there have been nervous reactions on commodity exchanges, which were the result of the changing situation and the approach to the possible extension or termination of the grain agreement. Fortunately, we managed to finally bring the case to an end and it was activated for the next few days. The specific date is March 19, 2023.
Original content
How much has Ukraine exported agricultural produce by sea since July 1, 2022? European corn, in particular, reacted strongly to the grain agreement. It is EU processors who are the biggest beneficiaries of the unblocking of Ukrainian ports - in the face of a catastrophic corn harvest, Europe needs much more imports to balance its needs. Since July 1, 10.85 million tons of maize have already entered the EU Member States, which is 6 million tons more than in the same period of the previous season. Of this amount, as much as 5.7 million tons are grain from Brazil, and 4.4 million tons from Ukraine, recalls the independent analyst Mirosław Marciniak from InfoGrain in his report. As he emphasizes, Poland remains a large importer of Ukrainian corn, where 907,000 have already entered since July 1. tons, and since the beginning of the war, nearly 1.6 million tons. According to Mirosław Marciniak, at least 50 percent. of imported grain remained in the country, putting pressure on local ...
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